Flood insurance is available to homeowners, renters, condo owners/renters and commercial owners/renters. The annual premium varies from property to property based on the level of coverage and the location's predetermined flood risk.
Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to purchase flood insurance.
The insurance provides coverage for flood damage to buildings and contents, with maximum limits of $250,000 for buildings and $100,000 for contents. Separate deductibles apply to buildings and contents with different amounts available for policyholders.
This coverage is not provided by a standard homeowner's insurance policy.
Flood insurance coverage is limited in basements, defined as areas where the floor is below the ground level on all sides. Basement damage is limited to portable air conditioners, washer and dryer, furnace, water heater, circuit breakers and freezer.
Information is available from local insurance agents or online at www.floodsmart.gov. A policy may be purchased only from an insurance agent, not online or otherwise, according to the Federal Emergency Management Agency. Rates are set by the federal government and do not vary from company to company. A policy must be purchased for an entire year and is not effective until paid in full.
วันศุกร์ที่ 29 มกราคม พ.ศ. 2553
Flood Area Homes Insurance Rates to Rise
Now 11-thousand properties in Broome County are in flood hazard areas.
Since FEMA added 65-hundred more properties to their flood maps.
FEMA made up new draft flood maps for the federal, billion-dollar "Map Modernization" program.
They encourage residents to review the latest data.
When the maps become final in 2011, many properties on the maps are required to get flood insurance, and the premiums for those who already have insurance will increase.
Since the old maps are still in effect, if you purchase insurance now, FEMA officials say you can a get substantially reduced rate.
Since FEMA added 65-hundred more properties to their flood maps.
FEMA made up new draft flood maps for the federal, billion-dollar "Map Modernization" program.
They encourage residents to review the latest data.
When the maps become final in 2011, many properties on the maps are required to get flood insurance, and the premiums for those who already have insurance will increase.
Since the old maps are still in effect, if you purchase insurance now, FEMA officials say you can a get substantially reduced rate.
Abbey enhances Additions home insurance range
Abbey for Intermediaries is alerting mortgage brokers to the fact that they could be losing out on a market potentially worth £30 million in sales commission this year, if they fail to exploit the general insurance market.
The lender suggests intermediaries can supplement their business revenues by cross selling insurance products to homeowners, and by way of encouragement has made some changes to its Additions home insurance range.
Premiums have been reduced by an average 17% by introducing a panel of three insurers to oversee the range: Aviva, Zurich and Groupama.
In addition, from this week, home insurance add-ons are available on Bedroom Plus and New Build policies
According to the bank, only one in five homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% of borrowers as potential insurance customers.
Abbey for Intermediaries managing director, Ricky Okey, says: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
He adds: “Brokers are missing out if they do not take advantage of the opportunities available to them in this lucrative market.”
The lender suggests intermediaries can supplement their business revenues by cross selling insurance products to homeowners, and by way of encouragement has made some changes to its Additions home insurance range.
Premiums have been reduced by an average 17% by introducing a panel of three insurers to oversee the range: Aviva, Zurich and Groupama.
In addition, from this week, home insurance add-ons are available on Bedroom Plus and New Build policies
According to the bank, only one in five homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% of borrowers as potential insurance customers.
Abbey for Intermediaries managing director, Ricky Okey, says: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
He adds: “Brokers are missing out if they do not take advantage of the opportunities available to them in this lucrative market.”
วันอาทิตย์ที่ 10 มกราคม พ.ศ. 2553
AIG Sells Mortgage Insurance Units In Canada And Israel
A private investor group led by the Ontario Teachers' Pension Plan announced it has acquired the Canadian mortgage insurance business of American International Group (AIG).
AIG United Guaranty Mortgage Insurance Co. Canada is the second largest private mortgage insurer in Canada, and had assets of approximately $263.4 million and total equity of around $122 million at Sept. 30. Ontario Teacher's Pension Plan did not disclose the terms of the transaction.
The announcement follows Harel Insurance Investments & Financial Services (HARL.TV) of Israel's announcement last month that it has agreed to acquire AIG's Israel mortgage insurance business EMI Ltd. for $35.5 million. EMI's net profit for the first three quarters of 2009 was $14.2 million, Harel said.
AIG has been selling off non-core assets in order to repay its government bailout.
An AIG spokeswoman confirmed the sales.
AIG United Guaranty Mortgage Insurance Co. Canada is the second largest private mortgage insurer in Canada, and had assets of approximately $263.4 million and total equity of around $122 million at Sept. 30. Ontario Teacher's Pension Plan did not disclose the terms of the transaction.
The announcement follows Harel Insurance Investments & Financial Services (HARL.TV) of Israel's announcement last month that it has agreed to acquire AIG's Israel mortgage insurance business EMI Ltd. for $35.5 million. EMI's net profit for the first three quarters of 2009 was $14.2 million, Harel said.
AIG has been selling off non-core assets in order to repay its government bailout.
An AIG spokeswoman confirmed the sales.
Free job-loss mortgage insurance?
Job-loss mortgage insurance -- which pays all or part of your mortgage payment if you lose your job -- can bring peace of mind to homeowners and would-be homebuyers alike.
And it's often available at no cost to the homebuyer.
With the unemployment rate hovering around 10 percent -- the highest in more than 25 years -- it's not surprising people are hesitant to buy a home, even in a low-rate, low-priced market. And countless current homeowners no doubt lose sleep worrying how to keep a roof over their heads if they join the ranks of the unemployed.
Once hard to find, job-loss mortgage insurance is now available not only from traditional insurers but from new-home builders, banks and other lenders, real estate agents, realty groups, and state and local housing agencies as well.
"The only reason people may not be buying (homes) now is fear of losing their jobs," says George Akers, executive vice president of First Mortgage Company, whose mortgage customers get the Worry-Free Mortgage Protection program free. In his experience, mortgage protection plans have become increasingly common in the past year or so.
Policies vary
As with any insurance product, policies vary. For example:
The California Association of Realtors', or CARs', Mortgage Protection Program is free for first-time homebuyers, who can get up to $1,500 per month for six months to help make their mortgage payments. The CARs' Housing Affordability Fund has committed $1 million to the program.
Genworth Financial's Job Loss Protection is available at no charge to buyers purchasing Genworth mortgage insurance. It covers PITI (principal, interest, taxes and insurance) for up to a certain amount, also up to six months.
Prudential Georgia Realty's Mortgage Protection Program is funded by the seller at closing for $500. One of many throughout the country affiliated with The Rainy Day Foundation's Homeowner Education and Loan Protection service, the program covers the lesser of the PITI or $1,800 per month, up to a maximum of six payments during the 24-month coverage term.
And it's often available at no cost to the homebuyer.
With the unemployment rate hovering around 10 percent -- the highest in more than 25 years -- it's not surprising people are hesitant to buy a home, even in a low-rate, low-priced market. And countless current homeowners no doubt lose sleep worrying how to keep a roof over their heads if they join the ranks of the unemployed.
Once hard to find, job-loss mortgage insurance is now available not only from traditional insurers but from new-home builders, banks and other lenders, real estate agents, realty groups, and state and local housing agencies as well.
"The only reason people may not be buying (homes) now is fear of losing their jobs," says George Akers, executive vice president of First Mortgage Company, whose mortgage customers get the Worry-Free Mortgage Protection program free. In his experience, mortgage protection plans have become increasingly common in the past year or so.
Policies vary
As with any insurance product, policies vary. For example:
The California Association of Realtors', or CARs', Mortgage Protection Program is free for first-time homebuyers, who can get up to $1,500 per month for six months to help make their mortgage payments. The CARs' Housing Affordability Fund has committed $1 million to the program.
Genworth Financial's Job Loss Protection is available at no charge to buyers purchasing Genworth mortgage insurance. It covers PITI (principal, interest, taxes and insurance) for up to a certain amount, also up to six months.
Prudential Georgia Realty's Mortgage Protection Program is funded by the seller at closing for $500. One of many throughout the country affiliated with The Rainy Day Foundation's Homeowner Education and Loan Protection service, the program covers the lesser of the PITI or $1,800 per month, up to a maximum of six payments during the 24-month coverage term.
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